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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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Stada Arzneimittel, the German pharmaceuticals firm being bought in a €5.3bn deal by Bain Capital and Cinven, opened a bond roadshow on Monday after marketing €2bn of leveraged loans last week . -
Toymaker Mattel has loosened the terms of its revolving credit facility for the second time this year after key buyer Toys ‘R’ Us filed for chapter 11 bankruptcy on Monday.
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UK housebuilder Miller Homes this week brought its first high yield deal, coming at a time when spreads on sterling bonds with speculative grade ratings have tightened more than 100bp so far this year.
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Order books for the dual tranche high yield bond deal from German pharmaceutical company, Stada, closed at noon on Thursday. Such was the demand for the secured tranche that the deal was was increased by €250m.
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It has been a tough year for Chinese issuers as they battle with the National Development and Reform Commission (NDRC) to get go-aheads for offshore bond sales. But the regulator’s snail-like approval process appears to be crawling to a near standstill ahead of the National Congress of the Communist Party, leaving bankers befuddled about what to expect for the rest of the year. Morgan Davis reports.
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Aside from the leveraged deals for Stada and Miller Homes, three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday. The three issuers all used different tenors to raise a combined €1.06bn.
